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…… Don't wait. The time will never be just right. - Hill,
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Disclaimer:
The information contained within this website is provided purely for general
informational purposes only. We cannot accept any responsibility or liability,
legal or otherwise for any errors or omissions,
and
we reserve the right to make any changes without notice.
Goods and Services Tax (GST) Assistance Scheme is an assistance scheme for
local businesses which have opted for voluntary GST registration with IRAS and
wish to set up or improve their accounting system and processes to be
GST-compliant. The GST Assistance Scheme supports up to 100% of accounting
software costs, and 50% of the qualifying costs for the following cost items,
subject to a maximum grant of $5,000 per company: Professional fees and
training costs charged by third party IT consultants; Hardware costs; and
Subscription fees and one time activation charges for a new internet
connection. All qualifying costs must be incurred after project commencement or
effective GST registration date, whichever is earlier. the grant. The GST
Assistance Scheme provides subsidies to small-medium-sized enterprises (SME)
who wish to voluntarily register for GST. Each SME can get a grant of up to
S$5,000. The S$5,000 can be used to pay for: 100% off your accounting software
costs, 50% of qualifying costs include: consultancy fees, training fees charged
by consultants, IT hardware costs, one time activation charge and Internet
subscription fees of up
to 1 year for a new Internet connection. Eligibility: Singapore-based
SMEs (including eligible private exempt companies, sole-proprietor and
partnership businesses) who voluntarily register to become GST traders for the
first time between 1 March 2007 and 31 March 2009. You can apply for the GST
Assistance Scheme if your company meets these criteria: registered or
incorporated in Singapore, your company’s group fixed assets are worth below
$15 million*, you have not more than 200 employees (for companies in the
services sector)* , You have previously not registered as a GST trader before,
You are approved as a voluntary GST registrant from 1 March 2007 to 31 March
2009, *Computed on a group basis ie checking up to 3 levels for corporate
shareholders holding 20% or more of the total shareholding in the company and 1
level down where the company holds 50% or more of the shareholding in a
subsidiary company. You may apply to voluntarily register for GST if you are
not liable to compulsorily register and you satisfy the following conditions:
Your annual turnover does not exceed $1 million, or You only supply goods
outside
supplies), or You only make exempt supplies of financial services that
are also deemed as international services. Advantages: You can enjoy the
benefits of claiming input tax incurred in the course of your business. This is
especially so when you make purely zero-rated supplies (exports or
international services). However once you are voluntarily registered, you must
remain registered for at least two years and comply fully with the
responsibilities and obligations of a GST registered trader. your solution:
working together with us, we will walk you through the complete process right
from voluntary GST registration, GST Assistance Scheme Application,
Implementation of a GST compliant system, including training, software and
hardware configuration, to the claim disbursement process. Our strategy for the
implementing a GST-compliant accounting system project is a four-phase
approach, including business analysis, installation and set-up, training and
technical support. We will help you in implementing an accounting system that
is effective and GST-compliant and at
the same time User-friendly, easy to use, International awards-winning software
with technical
support. Thus improving your accounting systems, including preparation
of financial statement and GST returns in terms of accuracy, quality,
effectiveness, efficiency and reduced costs....about us: Managed by qualified
experienced Accountants, Acctask Consultants helps many SMEs including private
exempt companies, and sole-proprietor & partnership businesses to apply for
Goods and Services Tax (GST) assistance grant and implement GST complaint
accounting system. Professionalism,